The Place of Crypto Money in Ecommerce – Technology


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Along with the widespread growth of growing interest in digital transactions, interest in cryptocurrency has grown in our country and has been included in many areas of our lives. Thus, in some countries, cryptocurrencies have started to be used as a means of payment in many other sectors, especially in the e-commerce sector. For example, engaged in electronic commerce activities in Switzerland; Digitec Galaxus said that by offering its consumers the option to pay in cryptocurrency, all payments can be made through Coinify. (global virtual currency platform)
1 and the payment can be instantly converted to Swiss francs. 2

In addition to Switzerland, many popular shopping sites today accept cryptocurrency as a method of payment for sales made through e-commerce channels. While it is basically mentioned that crypto coins have a lot in common with traditional payment systems, the fact that crypto coins are not in any control mechanism of any state, authority or authority. bank raised many question marks. Indeed, on the basis of this idea, with the “Regulation on the non-use of cryptographic assets in payments”(“Regulation”) published in the Official Journal n ° 31456 of April 16, 2021 3 in our country; It was decided not to use crypto assets in the provision of payment services. Without a doubt, the sector most affected by this regulation, which will come into force on April 30, 2021, will be the e-commerce sector. As in various countries around the world, sectors that accept payments with cryptocurrency methods, especially in e-commerce platforms, IT, education and even legal advice, are gradually multiplying in Turkey.

In particular, unlike debit card transactions, it has strengthened its place as an alternative payment method in e-commerce due to the speed of transfer, low cost and is considered more secure than the central system by some authorities in payments made with cryptocurrency. However, with the settlement; the development of business models in which crypto assets will be used directly or indirectly has been prevented and the recent imposition of such regulation has led to the perception in some circles that there is “a fundamental ban on crypto-assets “.
Undoubtedly, with such regulation, the Central Bank aimed to eliminate the irreparable damage to the risk of digital currency theft due to the fact that crypto-assets are not subject to any control mechanism and do not have a central recipient.

However, many financial authorities argue that
liberal regulations should be adopted to ensure transparency in order to provide an environment of trust regarding cryptocurrencies. Especially, in this period when the volume of e-commerce is at its peak, the possibilities of using digital assets with electronization, for example; It is necessary to draw the limits within which cryptocurrencies can be accepted as a means of payment or taxation of crypto assets. As is known, one of the biggest problems regarding the e-commerce industry is the weak security of payment methods. Considering that crypto assets are essentially created with blockchain technology, they are arguably more resistant to security threats such as cyber attacks. It promises to prevent possible fraud in purchases made through e-commerce, especially since some cryptocurrencies do not want customers to share their personal data when shopping.

As a result, although the Central Bank aims to eliminate possible risks to citizens with the regulation expected to come into effect in the coming days, it is evident that there is a need for comprehensive liberal regulation on crypto assets with digitization.

Footnotes

1. https://en.bitcoinwiki.org/wiki/Coinify

2. https://kriptobulten.online/2019/03/23/isvicrenin-en-buyuk-online-perakende-sirketi-digitec-galaxus-kripto-para-ile-odeme-yapilmasini-kabul-etti/

3. https://www.resmigazete.gov.tr/eskiler/2021/04/20210416-4.htm

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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